High Tide Closes Acquisition of Daily High Club


Acquisition Cements High Tide’s Position as Leader Within U.S. E-commerceMarketplace for Consumption Accessories   High Tide adds another top e-commerce platform to its portfolio which will now include 3 out of the top 5 most popular e-commerce platforms for consumption accessories globally totaling 91 million site visits in 2020, including 23 million associated with Daily High Club alone.1 High Tide gains access to Daily High Club’s over 15,000 subscription box members who are ideal customers for High Tide to potentially launch cannabis subscription boxes in the event of U.S. federal legalization. High Tide bolsters its online presence, by gaining access to Daily High Club’s almost 800,000 followers on Instagram and over 75,000 followers on TikTok. With over one million accessories sold under the Daily High Club name, High Tide adds a company to its portfolio with proven brand equity. Transaction is immediately accretive as Daily High Club generated US$9.4 million in net revenue and US$1.2 million in EBITDA during the 12 months ended April 2021. Pro forma for the acquisition, High Tide’s revenue run rate in the U.S. exceeds CAD$50 million.   CALGARY, AB, July 6, 2021 /CNW/ – High Tide Inc. (“High Tide” or the “Company“) (TSXV: HITI) (Nasdaq: HITI) (FRA: 2LYA), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce that it has completed the acquisition of DHC Supply LLC (the “Acquisition“) operating as Daily High Club (“Daily High Club“). High Tide Inc. – July 6, 2021 (CNW Group/High Tide Inc.) The Acquisition was completed pursuant to the terms of the merger agreement (the “Acquisition Agreement“) previously announced by the Company on June 25, 2021, pursuant to which High Tide USA Inc., a Nevada corporation and a wholly-owned U.S. subsidiary of the Company (“Subco“), has acquired 100% of the issued and outstanding shares of Daily High Club.   Pursuant to the terms of the…

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Source : High Tide Closes Acquisition of Daily High Club

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